MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	MADRAS HARDTOOLS PRIVATE LIMITED
Registered Office :	No. 1, Perianna Maistry Street, Chennai – 600001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.09.1985
Com. Reg. No.:	18-012194
Capital Investment / Paid-up Capital :	Rs. 13.257 Millions
CIN No.: [Company Identification No.]	U28930TN1985PTC012194
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	CHEM00817F
PAN No.: [Permanent Account No.]	AAACM5317M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing Wire rope slings and Trading wire, Wire ropes and Slings.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 360000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has filed form 66 i.e. Compliance Certificate, whereas failed to file any other documents for FY14, with the statutory authorities. As per available, the company possesses a moderate financial profile evident from modest networth base and highly leveraged capital structure along with slightly stretched liquidity position as a result of working capital intensive nature of its operations. Management has witnessed an acceptable revenue base, whereas has reported a minimal net profitability during FY13. However, trade relations seen to be fair. Business is active. Payment terms are reported as slow but correct. In view of extensive experience of the promoters, the company can be considered for business dealings with caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATING AND RESEARCH
Rating	Long Term Rating = “BB-“
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligation.
Date	27.06.2014

Rating Agency Name	INDIA RATING AND RESEARCH
Rating	Short Term Rating = “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	27.06.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Perumal
Designation :	Accountant
Contact No.:	91-44-25650033
Date :	24.11.2014

LOCATIONS

Registered Office :	No. 1, Perianna Maistry Street, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-25222923
Fax No.:	Not Available
E-Mail :	chinraj@madrashardtools.com

DIRECTORS

As on 26.09.2014

Name :

Mr. Badruddin Aliakbar

Designation :

Managing director

Address :

143, Karpagam Avenue South Beach Road, Santhome, Ch – 28

Date of Birth/Age :

07.10.1952

Date of Appointment :

09.09.1985

DIN No.:

00792248

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28930TN1985PTC012194	MADRAS HARDTOOLS PRIVATE LIMITED	Managing director	09/09/1985	09/09/1985	-	Active	NO
2	U45200TN2006PTC061797	TOUCH SKY FOUNDATIONS PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
3	U33111TN1947NPL000861	HINDUSTAN CHAMBER OF COMMERCE	Director	30/09/2013	24/09/2007	29/09/2014	Active	NO
4	U29193TG2004PTC092868	SURAKSHA PRODUCTS PRIVATE LIMITED	Whole-time director	12/07/2011	12/07/2011	01/05/2012	Active	NO

Name :

Mr. Rajamanickam Chinnaswamy

Designation :

Director

Address :

No.1 Perianna Maistry Street, Chennai – 600001, Tamilnadu, India

Date of Appointment :

30.09.1999

DIN No.:

00792418

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201TN1993PTC024953	MHT ENGINEERING AND CONSTRUCTION COMPANY PRIVATE LIMITED	Director	10/05/1999	10/05/1999	-	Strike off	NO
2	U60231TN1993PTC024638	GAYLORD FREIGHT CARRIERS PRIVATE LIMITED	Director	30/07/1999	30/07/1999	01/01/2010	Active	NO
3	U28930TN1985PTC012194	MADRAS HARDTOOLS PRIVATE LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
4	U51103TN2007PTC065268	AMB LIFTING SOLUTIONS PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO

Name :

Mr. Huzefa A Lehry

Designation :

Director

Address :

4/143, Karpaga Avenue Santhome, Chennai – 600028, Tamilnadu, India

Date of Appointment :

01.01.2005

DIN No.:

00042616

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28930TN1985PTC012194	MADRAS HARDTOOLS PRIVATE LIMITED	Director	01/01/2005	01/01/2005	-	Active	NO
2	U51103TN2007PTC065268	AMB LIFTING SOLUTIONS PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
3	U17291UP2011PTC045382	XPERT SAFETY SOLUTIONS PRIVATE LIMITED	Director	22/06/2011	22/06/2011	-	Active	NO
4	U41000TN2013PTC089325	AMB ENTERPRISES PRIVATE LIMITED	Director	10/01/2013	10/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Perumal
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders	No. of Shares
Badruddin Aliakbar	117467
Batool A. Lehry	5275
Bilkiss A. Lehry	4105
Hufeza A. Lehry	5718
Mariyambai MF Kapadia	5
Total	132570

As on 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing Wire rope slings and Trading wire, Wire ropes and Slings.
Products :	· Elevator Ropes · Mining Ropes · Ropes and Accessories · Fishing and Shipping Ropes · Crane Ropes · Wire Ropes
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Lakshmi Vilas Bank Limited, Chennai Branch, 275 Thambu Chetty Street, Chennai – 600001, Tamilnadu, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loan from Banks	49.525	35.506
SHORT TERM BORROWING
Loan from Banks	287.190	246.752
Total	336.715	282.258

Auditors :
Name :	R. A. Shahul Hameed Chartered Accountant
Address :	No. 51/24, Tippusahib Street, Chennai, Tamilnadu, India
PAN No.:	ALEPS9289E
Collaborators :	Not divulged
Related Party :	Yoke Lifting Solutions India Private Limited, India CIN No.: U51103TN2007PTC065268

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
135000	Equity Shares	Rs.100/- each	Rs. 13.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
132570	Equity Shares	Rs.100/- each	Rs. 13.257 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.257	13.257	13.257
(b) Reserves & Surplus	113.030	96.736	78.160
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	126.287	109.993	91.417
(3) Non-Current Liabilities
(a) long-term borrowings	103.882	69.105	39.483
(b) Deferred tax liabilities (Net)	14.129	12.209	9.153
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.113	0.812	0.590
Total Non-current Liabilities (3)	119.124	82.126	49.226
(4) Current Liabilities
(a) Short term borrowings	287.190	246.752	235.615
(b) Trade payables	74.005	81.574	38.011
(c) Other current liabilities	8.232	27.678	11.958
(d) Short-term provisions	7.058	7.485	0.659
Total Current Liabilities (4)	376.485	363.489	286.243
TOTAL	621.896	555.608	426.886
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	135.437	131.900	101.710
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.524	4.387	4.134
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.224	10.161	9.973
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	150.185	146.448	115.817
(2) Current assets
(a) Current investments	0.000	0.000	0.199
(b) Inventories	275.344	239.136	191.233
(c) Trade receivables	173.856	149.946	105.098
(d) Cash and cash equivalents	11.048	9.024	6.134
(e) Short-term loans and advances	11.396	10.958	8.355
(f) Other current assets	0.067	0.096	0.050
Total Current Assets	471.711	409.160	311.069
TOTAL	621.896	555.608	426.886

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income
	Other Income
	TOTAL (A)	1119.542	1131.600	1024.266
Less	EXPENSES	1049.720	1071.639	973.007
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	69.822	59.961	51.259
Less	FINANCIAL EXPENSES	30.099	19.649	16.720
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	39.723	40.312	34.539
Less/ Add	DEPRECIATION/ AMORTISATION	15.271	11.534	9.543
	PROFIT/ (LOSS) BEFORE TAX	24.452	28.778	24.996
Less	TAX	8.159	9.977	8.536
	PROFIT/ (LOSS) AFTER TAX	16.293	18.801	16.460
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	0.492	0.491	0.331
Less	APPROPRIATIONS
	Transfer to General Reserve	16.200	18.800	16.300
	Total	16.200	18.800	16.300
	Balance Carried to the B/S	0.585	0.492	0.491
	Earnings / (Loss) Per Share (Rs.)	122.90	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	1.46	1.66	1.61
Operating Profit Margin (PBDIT / Sales)	(%)	6.24	5.30	5.00
Return on Total Assets (PBT/Total Assets}	(%)	3.96	5.22	5.91
Return on Investment (ROI) (PBT/Networth)		0.19	0.26	0.27
Debt Equity Ratio (Total Debt /Networth)		3.10	2.87	3.01
Current Ratio (Current Asset/Current Liability)		1.25	1.13	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.257	13.257	13.257
Reserves & Surplus	78.160	96.736	113.030
Net worth	91.417	109.993	126.287
long-term borrowings	39.483	69.105	103.882
Short term borrowings	235.615	246.752	287.190
Total borrowings	275.098	315.857	391.072
Debt/Equity ratio	3.009	2.872	3.097

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1024.266	1131.600	1119.542
		10.479	(1.066)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1024.266	1131.600	1119.542
Profit	16.460	18.801	16.293
	1.61%	1.66%	1.46%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Loan and advances from related parties	54.357	33.599
Total	54.357	33.599

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10380857	09/10/2012	7,500,000.00	Small Industries Development Bank of India	Overseas Towers, 756 -L, Anna Salai,, Chennai, Tamil Nadu - 600002, INDIA	B59807479
2	10269136	24/02/2011	4,900,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	OVERSEAS TOWERS, 756-L,, ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA	B07318652
3	10205426	24/09/2013 *	370,100,000.00	LAKSHMI VILAS BANK LIMITED	CHENNAI MAIN BRANCH, 275 THAMBU CHETTY STREET, CH ENNAI, Tamil Nadu - 600001, INDIA	B87209961
4	10175022	21/07/2009	10,500,000.00	THE LAKSHMI VILAS BANK LIMITED	CHENNAI MAIN BRANCH, 275 THAMBU CHETTY STREET, C HENNAI, Tamil Nadu - 600001, INDIA	A69574036
5	90289565	30/08/2005	337,800.00	M/S SUNDARAM FINANCE LIMITED NO.	21; PATULLOS ROAD, CHENNAI, Tamil Nadu - 600002, INDIA	-
6	90287746	10/07/2009 *	144,600,000.00	THE LAKSHMI VILAS BANK LIMITED	CHENNAI MAIN BRANCH, 275 THAMBU CHETTY STREET, C HENNAI, Tamil Nadu - 600001, INDIA	A66595356
7	90291133	25/05/2001	112,000.00	SUNDARAM FINANCE LIMITED	POST BOX NO. 3704, 21; PATULLOS ROAD, MADRAS, Tamil Nadu - 600002, INDIA	-
8	90291132	14/06/2000	144,400.00	SUNDARAM FINANCE LIMITED	POST BOX NO. 3704, 21; PATULLOS ROAD, MADRAS, Tamil Nadu - 600002, INDIA	-
9	90291131	07/06/2000	112,450.00	THE LAKSHMI VILAS BM/S SUNDARAM FINANCE LTD.	NO.21 PATULLOS ROAD, CHENNAI, Tamil Nadu - 600002, INDIA	-
10	90288925	26/03/1998	1,500,000.00	THE LAKSHMI VILAS BANK LTD.	CHENAI MAIN BRANCH, 131; THAMBU STREET, CHENNAI, Tamil Nadu - 600001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.